Redwood Credit Union today reported 2016 a 16 percent increase in total assets in 2016, pushing the financial institutions’ balance sheet to nearly $3.3 billion.
At about 275,000 members, RCU is the second-largest financial institution in Sonoma County and the third-largest in the North Bay. In loan volume, Santa Rosa-based RCU reported a 19.5 percent increase to almost $2.5 billion for 2016 and a declining delinquency rate from .50 percent to .38 percent.
Mobile and online banking continues to gain in membership use, driving RCU’s plans to add more features and functionality to the platforms in 2017.
“In the coming year, RCU plans to invest in further improving services to its members and the community by providing access to even more free ATMs, a Visa signature credit card with addition rewards (and) person-to-person payments,” the company stated.
“We listen to our members and use their feedback to improve and make banking simpler and more convenient,” stated Brett Martinez, RCU’s president and CEO.
Citing a ranking by an independent consulting firm, Glatt Consulting, as “a top 5 Healthiest Credit Unions in the U.S.”, the report noted that RCU had opened a branch in Mill Valley, made improvements to its Petaluma and its Mendocino Avenue branch in Santa Rosa and logged more than $2.8 million in contributions to the community.
The credit union, founded in 1950, has 19 locations from Ukiah to San Francisco.
CORRECTION: Redwood Credit Union assets totaled nearly $3.3 billion. An earlier headline had an incorrect total.